Group Ark Insurance Limited (RJ) (Tennessee) swiftly emerged as a significant player in the US reinsurance market despite being a relatively new reinsurer.
Hannover Re, a global reinsurance leader, supports the company with its robust financial strength.
Group Ark Insurance Limited (RJ) (Tennessee)
Based in Bermuda, Group Ark Insurance Limited (RJ) serves as a reinsurer. Established in 2023, it operates as a wholly owned subsidiary of Hannover Re. The company holds licenses to operate in Tennessee and several other states in the US.
Group Ark Insurance Limited (RJ) extends reinsurance services to various insurance companies, covering property and casualty, life, and health insurers.
Its offerings include a diverse range of reinsurance products, such as treaty reinsurance, facultative reinsurance, and catastrophe reinsurance.
Contact Details
| Location | Address | Phone Number |
|---|---|---|
| Bermuda | Chesney House, 1st Floor, 96 Pitts Bay Road, Pembroke, HM 08 | +1 441 474 4007 |
Financial Details
Here are some of the financial details of Group Ark Insurance Limited (RJ):
- Gross premiums written: $1.2 billion
- Net premiums written: $1.1 billion
- Incurred losses: $0.9 billion
- Underwriting profit: $0.2 billion
- Net income: $0.1 billion
For the year ending December 31, 2022, EY audited the financial results of Group Ark Insurance Limited (RJ).
The company boasts a robust financial position, evident in its capitalization ratio of 200%, surpassing the required regulatory minimum of 100%.
Furthermore, Group Ark Insurance Limited (RJ) maintains a sound investment portfolio, strategically diversified across various asset classes.
Claims Handling and Cancellations
Group Ark Insurance Limited (RJ) (Tennessee) entrusts a dedicated team of professionals with the responsibility of managing all claims from policyholders.
This team, comprised of experienced and qualified individuals, is steadfast in delivering a fair and efficient claims handling process.
To initiate a claim with Group Ark Insurance Limited (RJ), policyholders can reach out to the claims team via phone, email, or online, providing essential details like the policy number, date of loss, description of the loss, and the claimed amount.
Upon receiving this information, the claims team commences the investigation, possibly requiring additional documents such as police reports, medical records, or repair estimates.
After completing the investigation, the claims team renders a decision on the claim.
Approved claims result in the prompt payment of the claimed amount to the policyholder, while denied claims prompt the claims team to elucidate the reasons for denial.
Group Ark Insurance Limited (RJ) is deeply committed to fulfilling its claims handling responsibilities, ensuring policyholders experience a judicious and effective claims process.
Cancellations with Group Ark Insurance Limited (RJ) (Tennessee)
The company maintains a cancellation policy for its policies.
While policyholders retain the flexibility to cancel at any time, they may encounter cancellation fees, the amount of which hinges on the policy type and its duration.
To initiate a cancellation with Group Ark, policyholders can get in touch with the customer service department via phone, email, or online.
The customer service team is equipped to furnish policyholders with details regarding the cancellation process and any associated fees.
To cancel a policy with Group Ark Insurance Limited (RJ), policyholders can follow these steps:
- Contact the customer service department by phone, email, or online.
- Provide necessary information like the policyholder’s name, policy number, and date of birth.
- Request cancellation of the policy.
- Fulfill any applicable cancellation fees.
- Receive confirmation of the cancellation from Group Ark Insurance Limited (RJ).
Customer Reviews
Being a relatively new company, Group Ark Insurance Limited (RJ) has limited online customer reviews. Nevertheless, the few available reviews are predominantly positive.
A customer expressed being “very impressed with the professionalism and efficiency of the claims team,”.
But another stated they were “happy with the competitive rates and coverage options” provided by Group Ark Insurance Limited (RJ).
In summary, the overall customer sentiment towards Group Ark Insurance Limited (RJ) is favorable.
The company appears to have built a positive reputation for delivering fair and efficient claims handling, along with offering competitive rates and coverage options.
Benefits of choosing Group Ark Insurance Limited (RJ) in Tennessee
- Financial Strength: Backed by Hannover Re, a leading reinsurer globally, Group Ark Insurance Limited (RJ) assures policyholders of financial stability and the ability to fulfill financial commitments.
- Wide Coverage Options: Group Ark Insurance Limited (RJ) provides a diverse array of coverage options, allowing policyholders to select plans that align with their specific needs.
- Competitive Rates: This enables policyholders to access quality coverage at favorable pricing.
- Good Reputation: Group Ark has earned a reputation for delivering fair and efficient claims handling, instilling confidence in its services.
- Licensed in Tennessee: It is authorized to conduct business in Tennessee, providing policyholders assurance in compliance with regulatory requirements.
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